Money Laundering and Terrorist Financing Regulations 2022

The Government is introducing a register of beneficial ownership for trusts through its Money Laundering and Terrorist Financing Regulations 2022, a long overdue and necessary step in the fight against money laundering and terrorist financing in the UK. However, the Government seeks to extend the deadline for updating the register after a change of circumstances to 90 days, far too long. Members of the public seeking to view the register will also have to provide sufficient evidence to HMRC that the trust they are investigating is involved in money laundering or terrorist financing, a Catch-22 situation.

On 9 February 2022 I voted against the Regulations. The Regulations passed, Ayes: 303 and Noes: 215.